Thank you, FHLB Affordable Housing & Community Investment, for the $1,000,000 Grant to assist in developing the affordable housing units at Riverview Apartments in Corinth. RISE will be breaking ground on the Riverview Apartments in March 2023.
The Riverview Apartments, a 60 unit apartment program, is part of the state’s unprecedented $20 billion, five-year plan to make housing accessible and to combat homelessness. The project is a joint effort of RISE and Hudson River Community Credit Union, who donated the land for the Riverview Apartments.
RISE received capital funding through NYS Homes and Community Renewal (HCR), as well as capital and operational funding through NYS Office of Mental Health (OMH), and additional operating funds through the Empire State Supportive Housing Initiative (ESSHI). RISE also received a million dollar FHLB Affordable Housing & Community Investment to assist in the development of the affordable housing units.
Funds from FHLB Affordable Housing & Community Investment are used to finance the purchase, construction, or rehabilitation of owner-occupied housing for low- or moderate-income households (with incomes at 80 percent or less of the area median income), and the purchase, construction, or rehabilitation of rental housing where at least 20 percent of the units are affordable for and occupied by very low-income households (with incomes at 50 percent or less of the area median income).